Solana (SOL) Price Faces Massive Selling Pressure After Whales Unstake 5.52M SOL Worth $810M, Dumping $516M into Coinbase

SOL price faces massive selling pressure after Solana whales unstaked 5.52 million SOL worth $810 million, with $516 million of that deposited into Coinbase Prime.

Key Insights:

Solana (SOL) price is facing massive selling pressure as five whales unstaked 5.52 million SOL, worth $810 million, with $516 million of that being deposited into Coinbase (NASDAQ:COIN) Prime.

The move has sparked speculation of a potential sell-off, especially with SOL breaking a crucial technical support level.

Solana price dropped below the 50-week EMA, confirming a bearish trend shift. The next major support is at $97.96, close to the psychological $100.

Solana whales unstaked 5.52 million SOL and moved $516M to Coinbase Prime.

On-chain data from Lookonchain revealed that five large Solana accounts unstaked 5.52 million SOL, with nearly half of that being transferred to Coinbase Prime.

Four of the whales unstaked a total of 3.4 million SOL, valued at about $510 million, directly to Coinbase Prime for liquidity.

Another whale withdrew 2.12 million SOL, worth $314 million, from a DeFi protocol and moved it to another wallet. From there, 1 million SOL, or $144 million, was sent to Coinbase Prime.

These large-scale moves, especially to a centralized exchange, often indicate intent to sell, especially given the broader market volatility in recent times.

Earlier this month, a whale withdrew 14,000 ETH and 340 BTC, valued at $14 million, from Binance (NASDAQ:BNB) to presumably stake and hold. However, the latest transactions indicate that major holders are now offloading their holdings, putting downward pressure on price.

This aligns with concerns over Solana’s upcoming $2.06 billion token unlock, which will increase the circulating supply and add further selling pressure.

Solana Price Breaks Key Support—Will $100 Hold?

From a technical perspective, Solana price has officially broken down from its multi-month ascending channel, confirming a bearish trend shift. The recent drop pushed SOL below the 50-week EMA at $167.81, a key support level previously encountered during corrections.

Solana technical analysis in the 4H chart highlighting Fibonnacci retracement levels and the 50-week EMA.

Source: TradingView

After dropping below the 0.382 Fibonacci retracement level at $139.36, the next critical zone is the 0.5 Fibonnacci, providing support at $205.73.

With the breakdown already in motion, the next major support is anticipated near the 200-week EMA at $97.96, closely aligned with the psychological $100 level.

Furthermore, the Relative Strength Index (RSI) has slipped to 41.18, indicating that bears are gaining some momentum. If selling pressure persists, a test of the $100 support could occur in the coming weeks.

However, if bulls manage to reclaim the $167–$170 range, a short-term recovery could unfold, aiming for the $200-$205 zone as resistance.

FTX Unlock and Liquidity Surge—More Trouble Ahead?

In the broader picture, the main concerns are the whale movements and the upcoming FTX liquidation event. The collapsed exchange is set to release 1 billion tokens, adding 2.2% to the circulating supply.

At the same time, open interest on Coinglass stands at $4.63 billion, showing that traders are still quite active.

As seen on Coinglass, total derivatives volume in the past 24 hours jumped 28% to $6.4 billion, showing rising volatility.

If buyers step in, Solana price could easily reclaim $180 or $200. But if the whales continue to dump and no buyers step in, a drop to $100 or lower could happen in the coming weeks.